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SBI Warning! You Can Lose All Your Money If You Don’t Follow These Steps during Lockdown

Tooba Maher
Tooba Maher

As the world fights together with the ongoing Covid-19 pandemic, one must not forget that, fraudsters in India are looking for different ways to take off your money. Yes! One such online crime is being perpetuated against the State Bank of India customers. Take proper care of your money, keep yourself updated with the latest methods of keeping your money safe.

We will provide you awareness about the frauds and scams taking place at this time & how you can protect your money from evil eyes.

Cybercrimes during coronavirus:

Fraudsters are taking advantage of the fact that most people are stuck at home & are scared about the pandemic. Cybercrimes are taking place during such sensitive times. Don’t give your card details and other essential details on phone. Stay safe & keep your money safe!


India’s central bank recently declared a 3 month moratorium on loans to help the country’s citizens amid covid-19. It also included EMIs. Fraudsters started taking advantage of the situation, & swung into action. They made an elaborate trap for unsuspecting customers.

The modus operandi

As most scams occur, fraudsters pose themselves as representatives from the bank & gather your information. The caller will share some of your details while reiterating RBI’s message about the three month moratorium, so as to gain your confidence. Then, they will initiate a transaction and ask you to share the OTP. Thus, your money will be siphoned off.

Latest style of cyber crime

SBI has warned that, "A new style of cybercrime has been started by fraudsters. In such frauds, customers get calls from fraudsters asking them to share their OTP so as to postpone their loan EMIs. After the OTP is shared, the amount is immediately swiped off by fraudsters."

How to obtain the three month moratorium facility?

You can easily obtain the facility of the 3 month moratorium by writing to your bank by mail. You can also access their website for related information. Remember no bank, including SBI, will ask your OTP for any purpose. However, if the caller is asking for your personal details over the phone, then it is most likely a fraud. No matter if the caller speaks in a professional manner, knows all the banking terminology, but if they ask for your details, then it is a fraud!

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